Personal Loans India | Best Personal Loan Interest Rates in India | Easy personal Loans

Personal loans can broadly be categorised into secured as well as unsecured loans. Secured loans necessitate the presence of collateral for availing finances. With this loan type, you may avail a lower interest rate and a flexible repayment term. This may help you in getting a lower monthly outflow.

On the other hand, with an unsecured loan, you may avail finances without putting your property as collateral. The major benefit with this loan type is that there is no threat of repossession of the property.

The other major advantage with this loan type is that the processing of loans is done faster. This is due to the fact that the valuation of collateral is not involved. The turnaround time gets reduced and hence loans get processed faster. Apart from this, less paper work is involved, which in turn helps in reducing the hassles of getting loans.Information about Smooth personal loan from HSBC is given here

Smooth personal loan repayment, low interest rates
Lower EMI in the first year
Interest on utilised amount only, not on the entire loan
HSBC make repayment easier, by charging interest on utilised amount only. Just estimate the maximum personal loan amount you need. Interest will be charged only on the amount you withdraw.

For Example:
The estimated amount for your daughter’s marriage is Rs. 3 lakhs.
Personal loan amount given by us is Rs. 3 lakhs
And you use only Rs. 2.5 lakhs.
With a personal loan from HSBC you have to pay interest only on Rs. 2.5 lakh.

Last EMI waiver
By paying a marginally higher interest rate, we help you get your last EMI completely refunded. (Available for personal loans of 48-month tenor only and applicable if your repayment is consistent throughout the period of the personal loan).

Standard EMI repayment
You pay the same EMI every month during the tenor of the personal loan.

Eligibility

* Applicant can be a salaried / self-employed individual and should be a resident Indian.
* Professional self-employed individuals eligible for a personal loan are Doctors, Chartered Accountants, Cost Accountants, Company Secretaries, Architects, Engineers and Management Graduates.
* The minimum age of the Applicant should be 21 years for salaried and self-employed individuals.
* The maximum age of the Applicant at loan maturity should be 58 years for salaried individuals (60 years for Central Govt. employees) and 65 years for self-employed individuals.
* The minimum years in continuous employment / business should be 1 year for salaried individuals and 2 years for self-employed individuals.
* The minimum net annual income should be Rs.75,000 p.a. (including co-applicant’s or applicant’s income) for salaried and self-employed individuals.
* The minimum stay at current residence should be 1 year for salaried and self-employed individuals.

Documentations

Complete loan application form with one passport photograph with signature on the reverse.

Proof of applicant’s identityProof of applicant’s identity (any one of the following)

* Passport
* Defence identity card
* Driving licence
* Government identity card
* Photo PAN card
* Voter’s identity card
* Photo ration card

Proof of residence Proof of residence (any one of the following)

* Passport
* Telephone (land/mobile) bill
* Driving licence
* Voter’s identity card
* Ration card
* Electricity bill
* Society outgoing bill
* Life Insurance Premium receipt
* Only Passport can be used as both proof of individual’s identity and Proof of residence

Proof of age Proof of age (any one of the following)

* Passport
* Driving licence
* Birth certificate
* LIC Policy or Premium receipt clearly indicating the applicant’s age
* Photo ration card
* Voter’s identity card
* School leaving certificate

Financial documentsFinancial documents

Salaried individuals

* Latest salary slip showing statutory deductions OR
* Form 16 (Declaration from employer giving details of income and deductions, duly signed by an authorised signatory of the company) OR
* Latest acknowledged IT return AND
* Bank statements for the last 3 months

Self-employed individuals

* Computation of income for the last 2 years certified by a C.A. OR
* P&L and balance sheet for the last 2 years certified by a C.A. AND
* Copies of acknowledged IT returns for the last 2 years AND
* Bank statements for the last 6 months

Sources : http://www.hsbc.co.in/